Searching for property to buy in Budapest is quite an experience, given the fact that the city is at the heart of Europe and that it is the most sought after destination by property investors from all over the world. This means that there so many property listings in the city, which reiterates the importance of hiring a local real estate agent to guide you through the process, towards getting a home that meets your needs and one that is within your budget. But the thing is, there are several other factors that go into play - factors that are to be considered if you are to make the right investment. Familiarizing yourself in all the aspects/factors of home buying helps you to assess the value of the apartment. It will give you an idea of what you are about to invest in, and whether that investment would be worth it. Now, let’s take a look at some of these factors or aspects:
Amenities – nowadays, the focus has shifted in terms of what property investors are looking for. For instance, buildings with a wide array of services and amenities, including things like high-tech gyms, pet spas, or even simple laundry rooms or bike storage, tend to be more valuable when compared to buildings without. As such, you find that the prices in such buildings are a bit higher, which is worth it.
Bedroom/room count – an apartment layout influences the prices a great deal. For instance, if you find an apartment that has a gracious layout, you should expect it to cost more when compared to one that has an awkward layout. Also, a bedroom count in line with the apartment’s square footage is a major selling point. The more the rooms, the high the value will be.
City, river, or park views – apartments that are situated in areas where you are able to view a river, city skyline, or a park from your window in Budapest are some of the best-selling properties in Hungary right now. Now, considering these luxuries, no wonder you will find most of these apartments more valuable when compared to ones where you don’t have this kind of luxury. If you want to feel like you are on top of the world when you look out your window, then you need to invest in one of these.
Design – tasteful and recent quality renovations boost the value of any apartment – no doubt about that. For instance, an apartment that has perfect window placement and a gracious layout is always expected to sell more and at a higher price. This is the same case for any apartment that is decorated to appeal to potential buyers.
Esteemed building – compared to an average building, an apartment in a building that is best known for its great financials and an exceptional reputation will always sell at a higher price. So, when a property in Budapest, maybe you need to investigate how the management of that building is. Ask around! That way, even when investing in that property, you will feel like you are doing the right thing.
Fees (monthly) – when you find the monthly maintenance cost, property taxes or other common charges are high, expect the property’s value to be higher. This is because the price must take into account all these costs. On the other hand though, if the charges are lower, or below average, like in Hungary, then the price of the property will be slightly higher. So, you need to figure out the monthly charges associated with the property you are about to invest in.
Gold coast vs ghost town – in Budapest, of course, there are those areas that are considered to be prime locations to in buy a home. Areas such as Districts V, VI, VII, and IX are among the most ideal locations to invest. What you need to keep in mind is that the value of property in such areas is higher than in other locations since they are the most sought after. But if you want to pay less, know that you will have to find a property in second or third-tier locations, which are mostly further away from public transport, or overlooks areas with heavy traffic or even future construction sites. So, you will need to make an informed decision about where you want your apartment to be.
Homeowner history – property investors in Budapest prefers to invest in condominiums due to their ease of purchase and resale, and not forgetting the ability to rent them without too many restrictions. For this reason alone, you will find condos selling at a higher price when compared to other types of apartments.
Look past bad décor – looking past bad décor or décor that fails to meet or match their taste or style can for sure be the best way to obtain a lower purchase price. Some buyers don’t look at it this way. This is quite unfortunate though. So, if they are able to envision what is possible, they may acquire something that would become the best investment of their lives.
Put flaws that can’t be changed into consideration – pay attention to the following flaws when searching for property in Budapest:
You need to ask yourself the amount of time the property you are about to purchase will be in your possession – if your plan is to remain in the Budapest for a long time, maybe you shouldn’t mind about a small difference in the property’s value. You can negotiate as you can to get the best deal. Knowing the time you will be living in that house will definitely influence the kind of house you buy. If you are planning to stay for a short while, you probably won’t pay too much attention to the little details, after all, you will sell the property soon. But if you are planning to remain in the city for long, of course, you want to be in a house that you will be comfortable in, where everything is done as per your wish.
What’s more, if what we have seen in the past is anything to go by, real estate values do increase over time. This means that if the apartment you are about to invest in would hold you for a longer period of time, then attempting to exact the last dollar from the property seller in the negotiations is not the best thing to do, especially given that you really want that particular apartment.
The other thing is if your plan is to live in a particular house for a short time, resell and buy a bigger property in the near future, then you need to know that the prices may go up or down over time. What this means is that, if the market is down, you may not recover the full amount you paid for. You need to keep this in mind so that you will be able to make an informed decision with regards to your investment.
In summary, when buying property in Budapest, you need to consider these factors one by one, as it is the only way you will really know the value of the property you are about to invest in, and also whether the asking price is justified. Invest right!